How New IBC Ordinance Affecting Home Buyers – An Analysis
Central Govt. passed an ordinance by which they brought in a cap on number of homebuyers approaching the NCLT under Section-7 of the IBC code, 2016.
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Role of Information Utility and NeSL in safeguarding Insolvency Process under the IBC
The NeSL was the first Information Utility service registered under the BBI Regulations, 2017 it is one of the three pillars of the IBC system.
Creditors Recover of INR 3.75 Lakh Crore in 1.6 years at IBC/NCLT Pre- Admission Stage
The recovery rate has increased almost three times i.e. from 26.5% in 2018 to 71.6% in 2019 and the time taken for recovery improved from 4.3 years to 1.6 years within a short span of one year.
Relief for Creditors: Time taken under SARFAESI to be Excluded for Limitation Act
Order deliverd by NCLAT is a relief for creditors to invoke the jurisdiction of IBC and seek appropriate redressal for their long-awaited grievances against the debtor.
Govt May Change IBC Laws for Buyer Protection, Stricter Norms for Homebuyers
The Ministry of Corporate Affairs may soon likely to move amendments to the code, including protection for new buyers and tighter norms for home buyers in terms of taking developers to the NCLT.
NCLT flooded with cases by Homebuyers: Over 1800 cases filed so far
The latest government data shows that how IBC is a huge change brought by the recent government in terms of a speedy redressal for the aggrieved homebuyers.
Executing order under Karnataka RERA
The manner of recovery of interest, penalty and compensation and the same is to be carried out in the manner provided in Karnataka Land Revenue Act 1967 and the rules made there under.
Relief for homebuyers under RERA if the builder is absconding or in jail
This initiative by RERA will prove to be very fruitful to the homebuyers whose hard-earned money is stuck installed project wherein the builder is absconding or in jail.
NCLT Chennai admitted Insolvency Petition against 17 Builders under IBC Law
As the majority of the builders have not delivered the possession of the property as promised made by them and breached the terms and conditions on the agreement executed with the homebuyers.
IBC as a forum for Insolvency or Settlement?
According to S.4 of the IBC, the minimum default required to initiate insolvency proceedings against a corporate debtor is Rs. 1 Lakh.
NCDRC vs RERA vs IBC, Which Is the best mechanism for consumers to get timely relief
Supreme Court allowed several buyers to join their suit property in order to increase valuation of their dispute and approach the NCDRC however buyers still find it difficult to get timely relief from the NCDRC.
IBC- Rescue to the Employees
It is advised to the employees to recognize their rights under IBC and approach NCLT to recover their dues in a time-bound manner.
More NCLT benches to be set up with the increase in no. of insolvency cases
According to the various resources that central government is planning to increase the number of NCLT benches from 11 to 24.
Delay under IBC not Acceptable
If anyone is looking to recover their debts in a time bound manner or resolution of the corporate debtor in a timely manner then IBC provides the necessary redressal.
IBC- Greatest rescue for the homebuyers
If there is no assured return plan incorporated into the builder buyer agreement entered into between the homebuyer and builder then the homebuyer had to approach RERA to seek refund.
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